Growing demand for Thin and light-weight coatings will drive the Fireproofing Coatings Market Growth

The research report " Global Fireproofing Coatings Market: By Type (Water-Based Coatings, Solvent-Borne Coatings and Oil-Based Coatings), By Application (Construction, Oil and Gas and Textile) and Geography– Global/Region/Country Forecast to 2027", The Global Fireproofing Coatings market was valued US 3,735.2 Mn in the year 2020 and is anticipated to record a CAGR of 7.3% over the forecast duration 2021-2027.

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Increasing Demand from Oil and Gas Industries for Fireproofing Coatings will drive the Global Fireproofing Coating Market Immensely:
The Global Fireproofing Coatings market was valued US 3,735.2 Mn in the year 2020 and is anticipated to record a CAGR of 7.3% over the forecast duration 2021-2027. The global fireproofing coatings market is anticipated to grow and record high CAGR during forecast years. A few of the prominent factors impelling the market growth are huge investment in shale gas exploration, growing demand for thin and light-weight coatings, increasing disposable income, increasing count of construction projects and increasing demand for proofing coatings in different industries. Advancements in technologies lead towards bringing several growth opportunities for the growth of the market. On the other hand, negative effect on the environment can restrain the market growth. Growing demand for fireproofing coatings from industries like oil and gas will lead towards the market growth. Both the oil and gas industries need fireproofing coatings as they are highly exposed to high-temperature during the horizontal processes such as refining and drilling. This factor impels the approval of coating for the protection of steel and metal construction activities. Fireproofing coatings are also utilized in onshore and offshore applications. Petroleum processing protects the steel structures from the burning during the burning of hydrocarbon like oil, liquefied natural gas, petroleum gas and methane.

North America witnesses huge market revenue share in Global Fireproofing Coating Market:
North America recorded huge revenue share in the market with a CAGR of 5.3% and is anticipated to grow during the forecast years as death cases are increasing due to the fire accidents and growing construction and renovation activities in countries like United States and Canada supported by fast urbanization trends will support demand. Fireproofing coating is hugely used in fire prevention of wood, structural steel and other components. Changing customer perceptions on safety will enhance the product penetration in residential construction, which will drive the market growth. Asia Pacific detained significant market share during forecast duration due to the extensive increase in industrial buildings, commercial infrastructure and road and railway network. Industries like oil and gas in the region is growing because of the increasing demand for energy and petrochemicals.

Competitive Analysis:
Key players in the market greatly focus on innovation of new product launchings as well as partnership strategies to keep hold of market position in the global fireproofing coatings market. Leading key players operating in the global fireproofing coating market include 3M, Akzonobel, Altana Group, Axalta, Basf Coating, Betek, Brillux, Dai Nippon Toryo, DAW, Dulux Group, Hempel, Kansai Paint and KCC.

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